Money Management Executive Latest News

SEC Chairman Arthur Levitt is scheduled to give the keynote address next month at a special conference for independent mutual fund directors in Washington, D.C.

Morningstar of Chicago has announced its 1999 Mutual Fund Manager of the Year award winners in three categories: domestic equity, international stock and fixed-income.

Hugh Kelly, previously a vice president and national sales director to the investment advisor market at Nvest, L.P. of Boston, has been promoted to senior vice president, in charge of a newly formed division that Nvest has formed to sell to the mutual fund wrap market. Nvest formed the new division, a wholly owned subsidiary called Nvest Managed Account Services Co., last week. The company was part of Nvest Advisor Services, another subsidiary of Nvest.

There is a new headache and expense coming for mutual fund companies this year - privacy compliance.

In light of the Securities and Exchange Commission's report that auditors at PricewaterhouseCoopers of New York compromised their independence with their mutual fund and other securities holdings, the SEC might cite other accounting firms for putting their independence in question, said accounting industry lawyers and executives.

There is a good reason top mutual fund managers are making good money - they are generating big money for their employers, a new study suggests.

Some fund managers are engaging in possibly illegal trading on the last day of the year in an effort to manipulate the year-end value of their funds, according to a recent study released by the Wharton School of Business of the University of Pennsylvania.

Last year could not end soon enough for the people who run value funds.

Resurgence in international markets has prompted some fund companies to consider strengthening their international offerings and the marketing efforts behind those funds, mutual fund executives say.

As of January 1, the Social Security Administration began phasing in an increase in the age at which retirees can receive full benefits, from 65 to 67. Congress passed a law in 1983 mandating these changes begin taking effect in January, 2000.